The Nu Tesouro Selic ETF (NCDI11) is a Brazilian exchange-traded fund designed to provide exposure to short-term interest rates in Brazil through investments linked to the B3 Treasury Selic Index (ISELIC B3). The ETF is managed by Nu Asset Management Ltda. and trades under the ticker NCDI11 on the B3.

Classified as a fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the performance of the B3 Treasury Selic Index, which represents a theoretical portfolio composed of Brazilian government securities linked to the Selic rate.

Composition / Exposure profile

NCDI11 provides exposure primarily associated with:

• Selic-linked Brazilian government bonds (LFTs).

• Post-fixed sovereign debt.

• Short-term interest-rate exposure.

• Brazilian Treasury securities.

• Low-volatility fixed-income investments.

• Domestic monetary-policy dynamics.

• Capital-preservation strategies.

• Brazilian fixed-income markets.

The portfolio is concentrated in government-issued securities backed by the Brazilian Treasury, offering exposure to one of the country's primary benchmark interest rates.

Performance is generally influenced by changes in the Selic rate, Central Bank monetary-policy decisions, and broader conditions affecting Brazil’s fixed-income market.

Structure and costs

NCDI11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, helping to align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee of approximately 0.15% per year, which may reach 0.18% per year when additional expenses are included. The ETF does not apply a performance fee.

Settlement occurs on a D+1 basis. NCDI11 does not provide recurring income distributions, as returns generated by the portfolio are reflected directly in the ETF’s share value. The fund is subject to the tax treatment generally applicable to fixed-income investments.

History and evolution of the ETF

The Nu Tesouro Selic ETF was launched in 2025 with the objective of providing investors with exchange-traded access to the Selic rate through a portfolio of Brazilian government securities.

Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, reflecting increasing investor demand for low-volatility investment solutions and efficient access to government bonds.

In recent periods, NCDI11 has closely tracked movements in the CDI and Selic rates, reflecting changes in monetary policy, interest-rate expectations, and broader developments in the Brazilian economy.

Additional Information

Nu Tesouro Selic ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $5.00 million.

Over the past 12 months, Nu Tesouro Selic ETF recorded a return of -, with its price trading between $100.00 and $111.22 during the same period.

The ETF is traded under the ticker NCDI11.